i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to announce that the Borgland Dolphin semi-submersible drilling rig has completed its acceptance testing. The Borgland, which i3 has contracted for a 94-day drilling programme, is commencing move preparations today and is expected to begin transit shortly thereafter towards the Liberator field where it will initiate drilling operations.
i3's 2019 drilling campaign is expected to include:
· The Block 13/23d LPt-02 pilot well which will optimise the placement of the first Liberator Phase I production well, LP-02, planned to be drilled in 2020
· The Block 13/23c ("Liberator West") LA-03 appraisal well (70% commercial chance of success ("CoS"))1, expected to partially convert Liberator West resources into reserves
· The SA-01 well (72% geological CoS)2 into the Serenity prospect that i3 expects will prove a material extension of the neighbouring Tain discovery
As previously announced, following the 2019 drilling campaign referred to above, in 2020 the Company expects to undertake further development drilling and to secure delivery of first oil from Liberator at approximately 20,000 bopd. With the successful appraisal and development of Liberator and Serenity, i3 could potentially produce more than 200 MMbbls3 from its current licences.
1. AGR Tracs estimate
2. i3 Energy estimate
3. i3 Energy estimate based on P50 STOIIPs and expected recovery factors
Majid Shafiq, CEO of i3 Energy commented:
"We are delighted to announce today the successful deployment of the Borgland Dolphin to the Liberator area. If successful, each of the wells in the drilling campaign are of significant value to i3 and our shareholders and could add significant production volumes to the North Sea.
"I would like to thank both Dolphin Drilling and Petrofac for their efforts in readying the Borgland Dolphin rig for safe deployment to the Liberator area and, with drilling now set to take place soon, we look forward to updating the market on the results of each well shortly."
Qualified Person's Statement:
In accordance with the AIM Note for Mining and Oil and Gas Companies, i3 discloses that Mihai Butuc, i3's Manager, New Ventures is the qualified person who has reviewed the technical information contained in this document. He graduated as a Diplomat Engineer, Geology and Geophysics from the University of Bucharest in 1985 and is a member of the Society of Petroleum Engineers. Mihai Butuc consents to the inclusion of the information in the form and context in which it appears.
i3 Energy plc
Majid Shafiq (CEO) / Graham Heath (CFO)
Tel: +44 (0) 203 781 8331
WH Ireland Limited (Nomad and Joint Broker)
James Joyce, James Sinclair-Ford
Tel: +44 (0) 207 220 1666
GMP FirstEnergy (Joint Broker)
Tel: +44 (0) 207 448 0200
Canaccord Genuity Limited (Joint Broker)
Henry Fitzgerald- O'Connor, James Asensio
Tel: +44 (0) 207 523 8000
Jennifer Renwick, James Crothers
Tel: +44 (0) 203 781 8331
Notes to Editors:
i3 is an oil and gas development company initially focused on the North Sea. The Company's core asset is the Greater Liberator Area, located in Blocks 13/23d and 13/23c, to which i3's independent reserves auditor attributes 11 MMBO of 2P Reserves, 22 MMBO of 2C Contingent Resources and 47 MMBO of mid-case Prospective Resources. The Greater Liberator Area consists of the Liberator oil field discovered by well 13/23d-8 and the Liberator West extension. The Greater Liberator Area, along with the Company's Serenity Prospect located in the northern half of Block 13/23c and for which it carries a STOIIP of 197 MMbbls, are owned and operated on a 100% working interest basis.
The Company's strategy is to acquire high quality, low risk producing and development assets, to broaden its portfolio and grow its reserves and production.
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
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